M&G boosted by results

The price of shares in FTSE 100 fund management firm M&G (LON:MNG) rose by 4.44% to 214.20p (as of 15:00 GMT) after it reported a 7.2% increase in post-tax profits for the year ended 31st December. Assets under management grew by 4.4% over the period and management said that there was a strong pipeline of new propositions.

CEO John Foley commented: “In our first year as an independent company, we have delivered a strong and resilient performance in one of the most challenging operating environments ever.

“This demonstrates the value of our diversified and integrated business model, both to customers and clients, and to shareholders.

“We laid the foundations for M&G’s return to growth, including actions to fix Retail Asset Management and the creation of M&G Wealth following the acquisition of Ascentric.

“As responsible stewards of £367.2 billion in Assets Under Management and Administration (AUMA), we are also pivoting the entire company to sustainable investing – a shift which we believe will benefit customers, clients and shareholders, as well as wider society and the planet.

“Our balance sheet has remained robust throughout the COVID-19 pandemic and capital generation was strong at £995 million for the year.

“We remain committed to our ambitious three-year £2.2 billion target for total capital generation to the end of 2022 and to our current policy of a stable or increasing dividend.

“I want to thank all my colleagues for their resolve and commitment in the face of the pandemic, as they continue to serve our customers and clients from the safety of their homes“.